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Automatic

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Top trends driving US hotel investment in 2024

🏨 U.S. hotel transaction volume hit $9.2 billion in H1 2024, a 23% decrease from the previous year. RevPAR remains strong, especially in urban markets with high potential for growth. Factors influencing the hotel industry include sluggish supply growth due to increased construction costs and supply chain issues, yet investor interest persists in urban and high-barrier-to-entry markets. An anticipated rise in commercial mortgage-backed security loans could stimulate hotel transactions in H2 2024.
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Cendyn launches product Learning Center

🎓 On August 14, 2024, the Cendyn Learning Center, part of Cendyn’s Knowledge Cloud, launched with over 17 curriculums to support the career growth of more than 32,000 global hotel clients. Designed to enhance Cendyn product knowledge, these training programs aim to empower hotel professionals with the skills to improve their performance and achieve commercial goals through a digital guest journey.
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Coolcation gaining traction

❄ Travelers in summer 2024 are opting for 'coolcations' with 82% considering cooler climates. Scandinavia bookings surged by 27%, while Sweden and Iceland saw increases of 47% and 49%, respectively. In contrast, Europe's hotspots like Italy only experienced a 3% rise. The data, furnished by Virtuoso, reflects a shift from traditional destinations to more temperate northern regions.
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IHG direct business reaches 80%

💸 InterContinental Hotels Group (IHG) CEO Elie Maalouf revealed on August 12, 2024, investments in technology and loyalty programs to boost direct bookings. The group's guest reservation system (GRS), developed with Amadeus since 2015, enables upselling in over 6,000 hotels, averaging extra $40 in Luxury and Lifestyle, $20 in Essentials and Suites. Their cloud-based revenue management system (RMS), in 1,700 hotels, uses data science, AI, and predictive tools to optimize booking channels and pricing, showing initial revenue gains.
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Summer travelers prefer hotels over Airbnb

🏨 On Aug 12, 2024, Medallia Market Research surveyed 2,000 travelers, discovering 53% prefer hotels over Airbnbs and Vrbo rentals (28%) for the summer season. Hotels are favored for location (50%) and cleanliness, outpacing short-term rentals at 44%. Enhancing guest experience through digital analytics and behavioral intelligence during booking and pre-stay is essential for hoteliers to maintain brand trust and loyalty. Full details at Hotel Dive.
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Expedia.com grows faster than rivals, but notes ‘softening’ demand

📈 Expedia's shares rose over 8% on Friday, August 12, 2024, after surpassing quarterly profit expectations. Domestic travel in the U.S. has been challenged since early 2024, leading to Expedia cutting the FY24 booking growth forecast to 4%, from an earlier mid- to high-single-digit growth estimate. The company flagged concerns about future demand due to rising costs and inflation, aligning with competitors like Booking and Airbnb who observe consumers delaying travel and spending cautiously.
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The evolution of tipping in the hospitality industry

🏠 Hospitality industry adopts digital tipping as a contemporary solution, enhancing staff morale, job satisfaction, and retention. This modern approach, noted on Aug 12, 2024, is in line with consumer behavior changes, offering instant payments and inclusivity for all employees. The move signifies a broader shift towards efficiency and raises questions regarding the transition's impact.
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